I know this is common sense to the majority of people on this forum but I can't stress how important it is to gamble responsibly.
There was a recent case in Australia where a man lost his entire life savings of $400,000+ in a 48 hour gambling spree.
The gambler lost $12,000 in a single bet and then tried to chase that initial amount but ended up losing his life savings.
I am a seasoned and experienced gambler and my one piece of advice to people is to only bet what you can afford to lose otherwise you are setting yourself up for failure.
Not even bet on why you can afford to lose, but set an objective base for what you will gamble on. Like in this situation where you said a man loses all his savings, it is very critical to endure, and the most painful part of it is that you will still see this person who makes this mistake, most likely an eight-year-old, a grown-up man, or an old man that is almost up to his retirement, and this will affect him a lot because noting is more painful than working for long to gather money just to lose it within some hours. It is very critical to endure.
That is why I always emphasise having a budget if you really want to engage in gambling and don’t want to fall into such high debt that can make you bankrupt in a few hours or days, but if you have a budget, such things will hardly happen.